Property Type

Olympus Property Acquires Renaissance Village at Shadow Lake in Houston

by Haisten Willis May 27, 2015

HOUSTON — Olympus Property has acquired Renaissance Village at Shadow Lake, a 624-unit Class A apartment community located in Houston’s Westchase District submarket. The submarket employs nearly 200,000 individuals with 26,000 more jobs projected in 2015. Renaissance Village was built in two phases in 1998 and 1999 and spans 28 acres. Amenities include a lake, clubhouse, swimming pool with sundeck, fitness center and outdoor stone fireplace. Olympus is planning a $2.5 million renovation project to transform the property and provide residents with an improved living experience. The renovation plan will include upgrades to the interiors of the units, improvements to the clubhouse, new fitness center equipment and enhancements to the pool areas. In addition, Olympus will change the name to The Ranch at Shadow Lake. Floor plans include 372 one-bedroom, one-bath units; 180 two-bedroom, two-bath units; and 72 three-bedroom, two-bath units. Units feature nine-foot ceilings, two-tone paint, garden tubs, full-size washer and dryer connections and patios. Renaissance Village is the fourth property to be added to Olympus Property’s fourth fund, WW Olympus Property IV LLC.

May 27, 2015

M&M Arranges Sale of 19,451 SF Retail Property in Metro Dallas

by Haisten Willis May 27, 2015

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Gardens Town Center, a 19,451-square-foot retail property located in Arlington. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also represented the buyer, a partnership. Gardens Town Center is located at 4130 South Bowen Road. The center is 100 percent occupied and all leases are triple-net. Fifty percent of the gross leasable area is leased to Fossil Creek Liquor, which is paying percentage rent in addition to base rent. Other tenants include Papa Murphy’s Take N Bake Pizza, Comet Cleaners, Subway and Town Garden Salon. The building was constructed in 2010 and sits on 2.2 acres.

May 27, 2015

Retail Texas

Southwest ADI, GM Automotive Accessories Distributor to Move to Metro Dallas

by Haisten Willis May 27, 2015

NORTH RICHLAND HILLS, TEXAS — The Frank Kent Motor Co. has purchased a 125,000-square-foot facility at 6550 Wuliger Way in North Richland Hills. The facility will serve as the company’s new corporate headquarters for the relocation of its General Motors accessory distribution business and the creation of its Texas training facility. A former Sealy bedding plant, the 15-acre property located just north of NE Loop 820 near Iron Horse Boulevard was vacant for 18 months. Southwest ADI is the exclusive automotive accessories distributor for the General Motors brands in the Dallas-Fort Worth, Austin, San Antonio and Houston areas. This new location will employ 50 full-time employees in conjunction with space to train up to 75 people from the dealers the company services.

May 27, 2015

California Hospitality Western

Strategic Hotels Sells Hyatt Regency La Jolla for $118M

by Nellie Day May 27, 2015

SAN DIEGO — Strategic Hotels & Resorts and its joint venture partner have sold the 417-room Hyatt Regency La Jolla for $118 million. The hotel was purchased by affiliates of Walton Street Capital LLC and JMA Ventures LLC. The hotel is located at 3777 La Jolla Village Drive. It is situated near a variety of healthcare, retail and dining services. Hyatt Regency La Jolla is located directly across the street from the UCSD Radiology at La Jolla center, the University Ambulatory Surgery Center and Pacific Lipo. Strategic Hotels formerly owned a 53.5 percent stake in the asset. The joint venture retired $89.2 million of debt secured by the hotel at closing. The company will use the proceeds from the sale to reduce outstanding debt on its revolving credit facility.

May 27, 2015

California Loans Multifamily Western

GH Palmer Receives $81M to Purchase The Paseos at Montclair North

by Nellie Day May 27, 2015

MONTCLAIR, CALIF. — GH Palmer Associates has received an $81-million bridge loan to purchase The Paseos at Montclair North, a 385-unit luxury multifamily community near Ontario. The community is located at 4914 Olive Street. The Paseos is situated directly across from Montclair Plaza regional mall. It is one block south of the Metro link commuter rail. The property features one-, two- and three- bedroom units with amenities like gas fireplaces, hardwood-style flooring, modern quartz countertops, stainless-steel GE appliances and walk-in closets. Community amenities include two resort-style pools, spas with cabanas and pool beds, a central park with a concert amphitheater and fountain, outdoor living areas with fireplaces and gas barbeques, a resident entertainment lounge and a fitness facility. The bridge financing includes a 3.23 percent rate, a five-year term and a 75 percent loan-to-value. Financing was secured by George Smith Partners (GSP). It was one of the last financings completed by GE Capital before its sale this past April. GSP previously secured $25 million in joint venture equity for the land acquisition, as well as $53.7 million in financing for the construction of the multifamily property for the original developer back in 2012.

May 27, 2015

California Hospitality Western

Hotel Indigo Announces its Debut in Los Angeles

by Nellie Day May 27, 2015

LOS ANGELES — The City of Los Angeles is set to receive its first Hotel Indigo. The 350-room Hotel Indigo Downtown Los Angeles will be the flagship hotel at Metropolis, a more than $1 billion mixed-use development. Hotel Indigo is currently under construction and scheduled for completion in winter 2016. It will be located at 899 Francisco Street. The hotel was designed by Gensler. Its décor will feature narratives from Downtown LA’s past, including Fiesta De Las Flores, the glamorous pre-Hollywood nightlife scene and the underground speakeasies of the roaring ‘20s. Metropolis, which is also under construction, will feature three residential towers and a curated retail experience. It is owned by Greenland USA. The Hotel Indigo Downtown Los Angeles is owned by Greenland LA Metropolis Hotel Development LLC. It will be managed by an affiliate of IHG. The hotel is being developed by IHG and Greenland USA, a subsidiary of Shanghai-based Greenland Group. Though this will be the eighth IHG-branded hotel for Greenland Group, this will be the first time the companies have partnered together in the U.S. The Hotel Indigo brand also recently announced it will open its first Denver-area hotel inside Union Tower West, a 212,000-square-foot development, in …

May 27, 2015

Multifamily Oregon Western

Canyon Creek Apartments Near Portland Sells for $49.5M

by Nellie Day May 27, 2015

PORTLAND, ORE. — Aukum Management LLC has purchased the 372-unit Canyon Creek apartment community in the Portland submarket of Wilsonville for $49.5 million. The community is located at 26310 SW Canyon Creek Road, about 16 miles south of Downtown Portland. The property is 95.7 percent leased. Its units average about 858 square feet. Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center. The seller, a private investor, was represented by HFF’s Ira Virden and Kerry Hughes.

May 27, 2015

California Office Western

Swig Co., Intercontinental Purchase Wilshire Office Building in LA

by Nellie Day May 27, 2015

LOS ANGELES — A joint venture between the Swig Company and Intercontinental Real Estate Corporation has acquired a 408,000-square-foot office tower in Los Angeles for an undisclosed sum. The 22-story tower is known by its address, 6300 Wilshire Blvd. The Class A property also contains a six-level parking garage and surface lot. The JV plans to make a significant investment in the property. The building is situated between the Miracle Mile and Fairfax Commercial districts. Notable development activity within the neighborhood includes several new residential projects, the multi-million dollar renovation of the Peterson Automotive Museum, the new Academy of Motion Pictures Museum and the Purple Line extension of the Los Angeles Metro System. Intercontinental made the investment with the Swig Company on behalf of its latest managed fund, which has invested in more than 80 commercial assets nationwide. This is the JV’s second transaction. The two firms acquired Bristol 61, a creative office campus in Culver City, late last year. The seller, Legacy Partners, was represented by Stephen Somer of Eastdil Secured. The JV’s legal advisors on the transaction were Tony Ratner of Farella Braun + Martel, and Kendall Brook and Mark Warcup of Bradley & Associates P.C. Leasing at …

May 27, 2015

New York Northeast Office

Colliers Brokers $21.5M Sale of 268,938 SF Office Building in Staten Island

by Amy Works May 27, 2015

NEW YORK CITY — Colliers International has brokered the sale of Edgewater Plaza, a seven-story office building located at One Edgewater Plaza in Staten Island. Edgewater Plaza Loft LLC acquired the 268,938-square-foot property for $21.5 million. At the time of sale, 181,172 square feet of the property was occupied by The City of New York Board of Elections, The New York Police Department and Staten Island University Hospital, among others. Jacklene Chesler, Richard Madison and Jeffrey Oram of Colliers represented the undisclosed seller in the transaction.

May 27, 2015

New York Northeast Retail

Kalmon Dolgin Arranges $9M Sale of 90,000 SF Property in the Bronx

by Amy Works May 27, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 90,000-square-foot flex property located at 1351 and 1339 Jerome Ave./1320 and 1342 Inwood Ave. in the Mount Eden section of the Bronx. Jerome Avenue Storage Associates LLC, operating as American Self-Storage, purchased the property by executing its lease option to buy for $9 million from Boss Realty LLC/Plaza Packaging. The property features high ceilings, multiple loading docks and drive-in entrances. Grant Dolgin and Dmitri Gourianov of KDA represented both parties in the transaction.

May 27, 2015

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